You don’t have to know everything about the market and/or financing to purchase a home. Let your knowledgeable Meadows Group Inc., Realtors broker guide you through the process. We’re experienced Realtors who know the market. We’re ready to help make your dream of home ownership come true.
Your Meadows Group broker will:
Educate you about the current housing market.
Sort through your priorities, evaluating what you’re looking for in your next home.
Show you the homes that fit your needs.
Bring together other professionals throughout the process to assure your house closes.
Work through seller negotiations.
Coordinate paperwork and deadlines while solving any stumbling blocks that arise along the way.
Whether you’re a first time home buyer or an experienced investor, buying a house requires a checklist.
Check your credit score - today’s mortgage typically requires a credit score of 640 – 660 at a minimum. A score of 700 – 720 will get you a good deal, 750 and above will get the best rates available. Improve your loan chances by pulling your credit report (s) and ensure you’re not being penalized for old, paid, and/or settled debts. You can request a free copy of your credit report from each of three major credit reporting agencies – Equifax, Experian, and TransUnion – once each year at AnnualCreditReport.com.
Stop applying for credit - before you apply for a home mortgage AND until after you close on your home.
Buy a home that’s financially comfortable - for FHA your house payment can’t exceed 31% of your monthly income. Conventional loan formula uses 28%.
Save for a down payment - typically a down payment is between 3% and 20% of the home’s price. One exception: VA loans requires 0 down.
Don’t forget loan fees - whatever your loan source, you’ll need money to pay for closing costs. Amounts depend on many variables. Call Andrew Hennen at LoanStar Home Lending to get your closing cost estimate (503) 729-3867.
Save - Save - Save - a lender hopes to see that you have an amount that equals 3 to 5 mortgage payments set aside. It makes you a much better loan candidate. Some lenders will give you more latitude on other factors if you have a cash cushion.
Set aside money every month - you’ll spend 1% of your home’s value on upkeep so if you’re planning on buying a $250,000 home, aim to save $2,500 annually. That doesn’t mean you’ll literally spend $2,500 every year. It just means that on average, over a span of a long time period (10 years or more), you’ll spend around $2,500 annually.
Are you a serious home shopper? - have everything in order before the shopping begins. Get your financing in place before you walk through the first house, otherwise, how do you know how much you can afford?